Washington H. Soul Pattinson merger unconditional, First Services ready for ASX debut

First Services Company Limited, established on 28 May 2025, announced a profit of $6,515,335 for the period ended 31 July 2025, primarily driven by an unrealised net gain on derivatives of $9,307,622. This new entity is set to become the ultimate holding company for Washington H. Soul Pattinson and Company Limited and Brickworks Limited following their proposed merger. The merger is conditional upon shareholder and regulatory approvals, including the Supreme Court of New South Wales approving scheme meetings held on 10 September 2025.

In conjunction with the merger, First Services Company Limited undertook an equity raising, securing underwritten commitments of approximately $550 million from institutional investors by issuing 14.9 million shares at $36.93 per share on 2 June 2025. Additional commitments for 14 million shares were received on 1 July 2025, with 5.6 million priced at $42.26. The new entity, which will trade on the ASX as "SOL," will have approximately 433,718,144 ordinary shares at quotation. The equity raising is intended to facilitate the removal of the existing cross-shareholding and to fund transaction costs and reduce outstanding debt. The transaction is set to occur on 23 September 2025, with listing on 15 September 2025 and deferred settlement trading commencing on 16 September 2025.